QUESTION $4$ New Horizons Ltd$.$ is an electronic gadget retailer in Johannesburg, South Africa. The company has a $30$ June financial yearend. As the assistant accountant, you are presented with several transactions related to the month of June $2024$ which must still be recorded: $1.$ New Horizons Ltd$.$ agreed on a deal with TechHub Suppliers, obtaining inventory valued at R$240000.$ The payment terms were $2/10,$ n$/30.$ By settling within $10$ days, New Horizons Ltd$.$ availed a $2\%$ discount. $2.$ Sales were made on credit to Gadgets R Us$,$ amounting to R$400000.$ These goods were procured at a cost of R$220000.$ Gadgets R Us later returned defective goods valued at R$20000($original cost: R $10000)$ and were issued credit note CN$010$ by New Horizons Ltd$.3.$ Bonuses for the year amounting to R$160000$ were recognized. $10\%$ of this sum remained unsettled at the month's end, which is due to be paid in the next financial year. $4.$ Moonlight Ltd$,$ a debtor of New Horizons Ltd$.,$ declared bankruptcy, leaving an outstanding amount of R$80000.$ However, New Horizons Ltd$.$ managed to recover R$45000$ through Moonlight Ltd$\text{'}$s legal representatives as a settlement. $5.$ New Horizons Ltd$.$ entered into a six$-$month agreement with FastMove Logistics for product deliveries at a fixed monthly fee of R$30000,$ starting from $1$ July $2024.$ An advance cash payment covering the entire $6-$month period was made in June $2024.6.$ A building was acquired for R$2000000.$ A down payment of $15\%$ was made, with the remaining amount financed through a loan from Invest Bank. $7.$ New Horizons Ltd$.$ disposed of a vehicle, initially costing R$100000$ and with accumulated depreciation of R$30000,$ for a cash consideration of R$80000.8.$ An electricity rebill was received from the Municipality. As a result, New Horizons Ltd$.$ recognized an additional annual electricity expense of R$84000$ and paid just half of this adjusted amount. $62$ HFAC$131-1-$Jan$-$Jun$2024-$FA$1-$LVN$-$V$3-20240119$ ANNEXURE F: FORMATIVE ASSESSMENT $163$ HFAC$131-1-$Jan$-$Jun$2024-$FA$1-$LVN$-$V$3-20240119$ REQUIRED: Prepare the general journal entries to document transactions $1-8$ for New Horizons Ltd$.$ for the financial year ending $30$ June $2024.$ Please note that specific dates and detailed narratives are not necessary. Use the following format: No$.$ Detail$/$Account Debit Credit $01$ Account Name $($SFP$/$SOI$/$SCE$)$ xxx Account Name $($SFP$/$SOI$/$SCE$)$ xxx $(25$ marks$)$ Competency Framework Reference: AREA $2$ B$.$ STEWARDSHIP OF CAPITALS: BUSINESS PROCESSES AND RISK MANAGEMENT B$1\mathrm{.}1$ Fundamental Reporting Concepts a$)$ Identify users$$ needs and develop a reporting approach by selecting suitable reporting and regulatory framework$($s$)$ which satisfies most users$$ needs in general purpose reporting by: $($iv$)$ Applying the fundamental theories related to reporting, $($v$)$ Applying the objective, usefulness, and limitations of the available reporting frameworks, $($vi$)$ Applying the objective, nature and characteristics of regulatory frameworks and requirements d$)$ Identify, define, and evaluate the different elements in reporting frameworks g$)$ Critically analyse and prepare presentation and disclosures for a selected framework and reporting boundary ANNEXURE F: FORMATIVE ASSESSMENT $1$ AREA $2$ B$.$ STEWARDSHIP OF CAPITALS: BUSINESS PROCESSES AND RISK MANAGEMENT B$\mathrm{.}1\mathrm{.}2$ Accounting information systems Maintain an accounting information system that is manual, automated or a combination of both. $---$ End of Question $4---------$ END OF PAPER $------$